Author: Avijit Bajpai

Indirect tax collections have surged beyond expectations and government coffers gained an amount which was 35% higher than budget estimates made for the current season.

According to recent reports from finance ministry, Customs duty receipts for the first five months of the current fiscal have increased impressively by 17.8% to Rs 47 ,734 crore, whereas the excise duty collection was up by 3.7% to Rs 46 ,122 crore; both, custom and excise collection together registered 10.5% rise to Rs 93 ,856 crore.

Further, service tax receipts have also grown incredibly with 25% during the period of April-August and added a whopping Rs 18 ,787 crore to the revenues.

The collection of indirect taxes have shown a phenomenal surge during August alone, with 8.9% increase in customs duty receipts, 9.4% rise in service tax collections and 1.2% increase in the excise duty collections.